A couple years ago I bought; 100 shares of FXC, 50 shares of FXA, and 50 shares of FXE. They have been down over the years, but this year they have done quite well. They pay like 1.5% dividend. The FXC I optioned one time too (CC)... After it expired worthless I thought..."No, this is insurance...Just hold tight. Pray that you never need to access these funds"... It was not for the dividend...But to have some money in other currencies. With the BBB spending bill, I think I made a wise choice... PS I have two stocks on the Australian Exchange (through Fidelity). When they pay their dividends, I keep them in AZ dollars...Just a small amount, not earning interest. Just in case a certain currency goes crazy...
I don't see the thesis here. Australia is primarily a raw material export economy. China is their biggest customer. If the USD crashes: A USD will buy less goods from China for the same money. China will need correspondingly less raw materials. Australia sells less. I think you might be trying to hedge one thing with something else that is strongly correlated and possibly even more sensitive to international trade. If I was trying to hedge, I think I'd look for something like an oil refinery or a utility. Something where demand is inelastic, and changes in costs can be passed on to the customer.